Mortgage Calculator: Estimate Home Payments
Calculate monthly mortgage payments, total interest, and amortization schedules instantly with this free tool.
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Mortgage Calculator: Estimate Home Payments A mortgage calculator computes your monthly home loan payment from three inputs: loan amount, interest rate, and tenure. Enter ₹50 lakh at 8.5% for 20 years and you get ₹43,391 per month — plus a full amortization breakdown showing how ₹54.1 lakh of that is interest. --- See our Complete Guide to Financial Calculators What Is a Mortgage Calculator? A mortgage calculator applies the standard loan amortization formula to produce your monthly Equated Monthly Installment (EMI). The same formula is used by every bank and housing finance company in India — HDFC, SBI, ICICI, LIC Housing Finance — which means the output of an online calculator will match the bank's figure precisely, assuming you use the same interest rate. The formula driving every…
Frequently Asked Questions
What is a mortgage calculator?
A mortgage calculator is a tool that computes your monthly loan payment based on the principal amount, interest rate, and repayment term. It uses the standard amortization formula to show exactly how much of each payment goes toward interest versus principal.
How do I calculate monthly mortgage payments?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. For a ₹50 lakh loan at 8.5% for 20 years, this works out to approximately ₹43,391 per month.
What is an amortization schedule?
An amortization schedule is a complete table showing every monthly payment over the loan term, broken down into principal and interest components. In early months, most of the payment is interest. Over time, the principal portion grows as the outstanding balance decreases.
How does down payment affect mortgage?
A larger down payment reduces the principal loan amount, directly lowering your monthly EMI and total interest paid. It also typically reduces the loan-to-value (LTV) ratio, which can qualify you for lower interest rates with some lenders.
Fixed vs floating mortgage — which is better?
Fixed-rate mortgages lock in a rate for the entire term — predictable payments, no surprise increases. Floating-rate mortgages (linked to MCLR or EBLR in India) can decrease when rates fall but increase when they rise. Fixed is better in a rising rate environment; floating wins when rates are declining.
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